2023-08-09 09:44:55
With the increase in US crude stocks
London – Archyde.com
Posted on: August 09, 2023: 08:31 AM GST Last updated: August 09, 2023: 01:44 PM GST
Oil prices rose today, Wednesday, as the decline in supply as a result of production cuts by the OPEC Plus alliance offset the impact of concerns regarding slowing demand from China, the largest importer of crude in the world, and a report showing an increase in US crude stocks.
And official media reported that the Saudi Cabinet confirmed yesterday, Tuesday, its support for the precautionary measures taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as “OPEC +”, to achieve stability in the market.
Brent crude futures rose 22 cents, or 0.3%, to $86.39 a barrel by 08:06 GMT.
US West Texas Intermediate crude rose 19 cents, or 0.2%, to $83.11 a barrel.
Both contracts had increased by nearly a dollar in the previous session.
Crude oil achieved gains for the sixth consecutive week last week and reached its highest level since mid-April on Monday, supported by the decline in “OPEC +” supplies and hopes that the stimulus will enhance the recovery of oil demand in China.
Some downward pressure came from the American Petroleum Institute’s data on Tuesday, which showed, according to market sources, an increase in US crude inventories by 4.1 million barrels last week, despite the decrease in gasoline and distillate inventories.
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